NASCON Allied Industries Plc has rewarded its shareholders with a historic 200 per cent increase in dividend payout, underscoring a remarkable financial performance that saw profit after tax surge by over 100 per cent to N33.5 billion in the 2025 financial year, despite a challenging operating environment.

The strong performance was unveiled at the Company’s 2025 Annual General Meeting (AGM) held in Lagos, where shareholders applauded the resilience, focus and strategic discipline of NASCON’s management and Board.

Reflecting the robust results, the Board of Directors approved a dividend of N6 per share—the highest since the Company was listed on the Nigerian Exchange, signalling NASCON’s confidence in its financial strength and long-term growth prospects.

Earnings per share (EPS) rose sharply by 115 per cent, from 577 kobo in the previous year to 1,241 kobo. Describing the outcome as the best financial performance in NASCON’s history, the Chairman, Mr. Olakunle Alake, attributed the results to improved operational efficiency, strict cost management and the dedication of the Company’s workforce.

“The operating environment in 2025 was characterised by economic volatility, persistent inflation and structural changes across key sectors,” Alake said. “Yet, NASCON remained resilient and strategically focused, delivering outstanding value to shareholders.”

He noted that operational sustainability remains a core pillar of the Company’s strategy. During the year, NASCON introduced Compressed Natural Gas (CNG) trucks into its logistics fleet to reduce fuel costs and minimise exposure to diesel price volatility. In addition, the Company’s state-of-the-art salt refinery, its largest production facility, now runs entirely on natural gas, significantly boosting efficiency while reinforcing NASCON’s commitment to environmental sustainability.

ALSO READ: Global Demand Takes Dangote Refinery’s Jet Fuel Export over 770% in 24 Months

The Managing Director, Mrs. Aderemi Saka, highlighted key milestones recorded during the year, including a 27 per cent growth in revenue and exceptional returns to shareholders through dividends. She attributed the achievements to a clear strategic vision, disciplined execution and sustained focus on cost-saving initiatives across production, logistics and fleet management.

Looking ahead to 2026, Saka reaffirmed management’s determination to build on the current momentum. She outlined strategic priorities for the coming year, including deeper cost optimisation, expanded market penetration, strengthened energy diversification and sustainability initiatives, as well as accelerated digital transformation and process automation.

In her remarks, Director Mrs. Tonya Lawani emphasised that the Company remains firmly committed to the principles that have driven its excellent performance, noting that NASCON approaches the new financial year from a position of strength, with further opportunities for growth and improvement.

Speaking on behalf of shareholders, Dr. Faruk Umar expressed strong confidence in the Company’s trajectory, citing NASCON’s rising share price, which recently crossed the N100 mark, and projecting further appreciation. He commended the quality of the Board and management team, noting that strong leadership and recent executive appointments have positioned the Company to deliver even greater value to all stakeholders.

With its record-breaking profit, unprecedented dividend payout and forward-looking strategy, NASCON Allied Industries Plc continues to consolidate its position as a leading force in Nigeria’s manufacturing sector while delighting shareholders with sustained value creation.

Photo Caption:

From Left: Company Secretary, NASCON Allied Industries Plc, Oluseun Oluwole; Chairman, NASCON Allied Industries Plc, Olakunle Alake; Managing Director, NASCON Allied Industries Plc, Aderemi Saka; Non-Executive Director, NASCON Allied Industries Plc, Fatima Aliko Dangote; Independent Director, NASCON Allied Industries Plc, Tonya Lawani, at the NASCON Allied Industries Plc 2025 Annual General Meeting held in Lagos on Monday, April 27, 2026

Rising global demand for aviation fuel and expanding refining capacity for jet fuel have pumped exports from the Dangote Petroleum Refinery and Petrochemicals (DPRP), up by about 770 percent over the past two years.

But in about 24 months, the Kpler data showed that the global aviation fuel landscape has undergone a seismic shift, with the DPRP emerging from a regional startup to a dominant global supplier.

According to the shipment information, the refinery’s jet fuel exports reached a record-breaking 158,000 barrels per day in April 2026, representing a staggering 770 percent increase from its initial export volumes of roughly 18,000 bpd in April 2024.

In April 2024 when shipment commenced, exports to Europe were non-existent, as the refinery focused on initial trial runs and regional deliveries. By April 2026, European-bound shipments reached approximately 70,000 bpd. This represented an infinite percentage growth from the zero-baseline of two years ago and a nearly 133 percent increase in just the last year, compared to the 30,000 bpd seen in April 2025.

However, the conflict in the Middle East has acted as a primary catalyst for this shift; as European airlines and distributors move to de-risk their supply chains away from the volatile Gulf, with Dangote’s West African location offering a shorter, safer, and more reliable alternative.

ALSO READ: PETROAN Rallies NUPENG for Revival of Decaying Refineries

Besides, the African market has also seen a substantial strengthening in export volumes, growing from 18,000 bpd in April 2024 to 69,000 bpd in April 2026, a 283 per cent increase over the period.

This consistent upward trend highlighted the refinery’s role in replacing expensive imports from the Mediterranean and Asia that previously supplied the continent. Within the last 12 months alone, from April 2025 to April 2026, the data showed that exports to African neighbours grew by approximately 115 percent.

By providing a localised source of aviation fuel, the refinery has effectively insulated regional carriers from the worst of the logistics-induced price spikes seen in other parts of the world.

While Europe and Africa have become the dominant destinations, the Americas have also served as a vital, albeit fluctuating, market for the refinery’s excess capacity.

In the early phase of operations, specifically June 2024, the Americas received 19,000 bpd. By the time the refinery hit its early stride in February 2025, shipments to the Americas peaked at roughly 55,000 bpd. However, by April 2026, that figure settled at approximately 14,000 bpd.

Despite the recent dip as the refinery prioritises higher-margin European contracts, the overall growth from June 2024 to the February 2025 peak represented a 189 percent surge.

With the Red Sea remaining a high-risk zone for tankers, the journey from the Persian Gulf to Rotterdam has become longer and more expensive. Conversely, a tanker from Lagos, it was learnt, can reach European ports in nearly half the time without the need to navigate contested waters.

The Kpler data indicated that Dangote has seized this window of opportunity. Between December 2025 and April 2026, as tensions in the Middle East flared, the refinery’s total export volume jumped from 81,000 bpd to 158 bpd, a 95 percent expansion in just four months. This rapid scaling demonstrates the facility’s operational flexibility to meet sudden shifts in global demand.

Beyond the major regions, the “Others” category, representing emerging markets in South America and potentially Asia, has also seen a notable rise. Starting from zero in the first quarter of 2024, these miscellaneous exports reached 19,000 bpd by April 2026, according to the data.

With Aviation Kerosene (Jet A1) price persistently skyrocketing of late, Nigerian airlines have been forced to prune down their operations.

The airlines claim that the continuous spike in fuel price has pushed operating expenses to unsustainable levels, forcing tough decisions on route frequency and scheduling.

The latest to announce a reduction on flights is Ibom Air.

The airline, on Monday, said it may reduce flight operations to sustain services to its customers and the nation as the jet fuel crisis bites harder.

In a statement by the airline’s Group Manager, Marketing and Communication, Aniekan Essienette, Ibom Air described the worsening fuel price situation as an unprecedented crisis for Nigeria’s domestic operators, revealing that the cost of fueling one of its aircraft has more than tripled between January and today.

ALSO READ: Waltersmith Doubles Refining Capacity to 10,000 Bpd

He said: “From an average of N2.1m per flight in January, as of today, the 26th of April, we are paying approximately N7.6m to fuel every flight. This is a more than 350 per cent increase since the beginning of March, a space of just seven weeks! And our aircraft are some of the most fuel efficient in the domestic market.

“At this point, domestic airlines are baffled at why the price of aviation fuel in Nigeria has ballooned to this level, way above the rest of the world, while the fuel marketers obtain 95 per cent or more of their aviation fuel from Dangote Refinery.

The situation is exacerbated by the fact that a combination of competitive pressures and patriotism have prevented a commensurate increase in our fares, meaning that we and our fellow domestic airlines have had to absorb the immense operating losses resulting from this situation.

“We chose to do this believing that the crisis would pass in a week or two, but it has persisted now for nearly two months, continuously increasing, with no reprieve in sight as at today. While we continue to do everything we can to maintain normal operations, it is clear to us that the current conditions are unsustainable,” the airline said.

The airline also called on the fuel marketers to seriously reconsider the pricing of aviation fuel to make the airline business model continue to work in Nigeria.

Recently, Air Peace also announced that it has reduced its Abuja to London flights to three times a week starting from July 1.

The airline said this is due to the current aviation fuel supply which is affecting flight operations nationwide and around the world.

In a statement, it said: “We wish to inform you that our Abuja to London service has been temporarily adjusted to three weekly flights until July 1.

“This measure is necessary to maintain the highest standards of safety and operational reliability during this period, with full operational frequency on our London service scheduled to resume from July 1.

“We recognise that this adjustment may impact your travel plans, and we deeply appreciate your patience and understanding.” In the past few weeks , Nigerian airlines have raised the alarm over the astronomical cost of aviation fuel. Struggling to stay afloat amid a suffocating operating space, they called on the federal government to urgently cushion the heavy losses they suffered following a 300 per cent surge in Jet A1 prices imposed by oil marketers.

The spokesperson of the AON, Prof. Obiora Okonkwo, said in a recent television interview that fuel marketers are to be blamed for what they describe as deliberate price manipulation and artificial scarcity, accusations the marketers have denied.

He added that the spike in the price of Jet A1 fuel cannot be justified and that just a month ago, airline operators were purchasing Jet A1 at below N1,000 per litre, with prices ranging between N950 and N970 but that today, that same litre is being sold at prices ranging from N2,500 to as high as N3,300, an increase of between 150 and 300 percent depending on the location.